Two French retail companies to create €5.3b retail real estate arm
Carmila has plans to merge with Cardety, creating a new merged entity listed on Euronext Paris and benefiting from the SIIC status (France’s version of a REIT). The two retail property companies specialize in the management of shopping centers and retail parks anchored to stores operated by retailer Carrefour.
Following completion of the merger, Carrefour would own 42.4 percent of the new merged entity, while the other shareholders of Carmila and Cardety would own 55.3 percent and 2.3 percent, respectively.
This proposed merger aims to create a major retail property company under the Carmila name dedicated to the value enhancement and the development of leading shopping centers in France, Spain and Italy, leveraging a strategic partnership with Carrefour.
The new merged entity, which would become the leader in food-anchored shopping centers and the third-largest listed retail property company in continental Europe, would own a portfolio with an appraisal value